Carpenter explains need for down payment assistance on VPR

By: Marina Demas

Governor Shumlin signed legislation last week that provides up to $5,000 to qualified buyers for closing costs and down payments. Sarah Carpenter, VHFA's executive director, was interviewed by VPR yesterday to talk about the program.

"What we are seeing these days is an increase in closing cost fees, down payment requirements and for a lot of home buyers, especially young families, saving the cash is very difficult," Carpenter said. Many eligible homebuyers are still renting apartments because of these costs. A recent study showed that a family has to make $21 per hour to rent a sufficient 2-bedroom apartment in Vermont. These costs are preventing people from saving money for down payments for housing. 

This program will be available for 110 buyers each year for three years and will begin in the fall. Program information will be posted on VHFA's website and a formal announcement will be made once the program is launched.